[RWA token ONDO surges 10% after DTCC-Chainlink pilot with Bank of America; Whale invests $2.38 million in ONDO]
Real-World Assets (RWAs) are quickly becoming the leading industry in the crypto industry. These traditional financial assets, such as Treasury bills, have been tokenized to accommodate decentralized finance (DeFi) protocols. ONDO price has surged over the past 24 hours as the Depository Trust and Clearing Corporation (DTCC) successfully completed a fund data tokenization trial with Chainlink in partnership with a major U.S. bank. Whales therefore bought ONDO in large quantities in anticipation of further price increases.
DTCC and Chainlink have partnered with several major U.S. banks to complete a pilot program designed to enhance the tokenization of traditional financial funds. According to a DTCC report on May 16, the Smart NAV pilot program uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to standardize a fund’s net asset value (NAV) data.
The report points out that by providing structured data on the chain and establishing standard roles and processes, basic data can be integrated into various on-chain applications, such as tokenized funds and "smart contracts" that manage multiple fund data.
RWA tokens such as ONDO surged on the news, growing more than 11% in the past 24 hours. Significant whale activity was observed, with one new whale address, 0x803, withdrawing 957 Ether from the Gemini exchange and exchanging it for approximately 2.64 million ONDO tokens.
Whale activity typically signals confidence in a coin’s potential, and this massive ONDO purchase further fueled the bullish sentiment.
The DTCC report reflects the growing interest among major financial institutions in tokenizing physical assets. On March 19, BlackRock launched a tokenized money market fund called BUIDL on the Ethereum network, offering returns in U.S. dollars. The fund lets investors purchase tokens that represent the fund’s market shares invested in assets such as U.S. Treasury bills.
ONDO price attempts to break above $1 resistance but faces bearish pressure. Prices have soared above the EMA trendline over the past 24 hours, but a bear market may cool overheated sentiment. ONDO price is currently $0.94, up 8% from yesterday.
A small positive of the bear market is that the price remains at 0.Around $9, increasing the likelihood of an immediate adjustment. If successful, the ONDO/USDT pair could challenge the $0.63 support.
The key support to watch closely is the moving averages. If the price breaks below this support and closes, it is likely to consolidate between $0.41 and $0.63 for a few days.
Both moving averages are heading higher, while the RSI is near 77 on the 4-hour chart, suggesting bulls have the upper hand. Buyers are aiming to push the price above $1.
Instead, the bears will try to pull the price below the 20-EMA. If successful, it would indicate that the bears are fiercely defending head resistance, potentially leading to a drop to the 50-SMA.
